FINO – Financial Inclusion Network & Operations, a provider of financial inclusion services, has received funding from World Bank Group’s development finance institution IFC, reports The Economic Times. The financial details of the funding were not disclosed. The company intends to scale up and redesign products such as remittance, deposit and insurance services for low-income groups, according to a company spokesperson. According to its website, FINO has 43.66 million customers and a force of 22,037 transaction points in 399 districts across 25 states, which is up from June last year, when it had claimed a network of 12,000 agents, 24 million customers, and 3 million transactions in a month, across 23 Indian states and 293 districts.
Last year, FINO had raised an undisclosed amount of funding from Intel Capital. Private equity fund Blackstone had also invested Rs 150 crore ($33 million) in FINO for a significant minority stake. FINO facilitates no-frill bank accounts, universal health insurance and delivers government pension, and besides being a technology enabler, it also manages cash on the field. It has developed applications that can be used to acquire customers using mobiles
It offers savings bank accounts, loan products, recurring deposits, remittances, insurance products, government disbursements and others. It has alliances with Axis Bank, Corporation Bank, HDFC Bank, ICICI Bank, ING Vyasa Bank, OBC, PNB, SBI and Union Bank of India.
Recently, BASIX Sub-K iTransactions, another company that offers financial inclusion solutions via a mobile payments platform to rural masses, had raised an undisclosed amount from Michael and Susan Dell Foundation. With more players in the field receiving financial backing, we expect expanded roll-outs of non-traditional banking services across the country. It would be interesting to see the number of no-frills accounts in rural and sub-rural markets after a few months.
– Testing Czars, FINO, Saankhya Labs, enStage, What’s On India, Raise Funding From Intel Capital
– Updated: Blackstone Invests Rs.150 Crore In FINO
– UPFC Ties-Up With FINO To Launch Smart Card Based Payment Disbursal System